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TOPIC: pension

pension 1 month 4 weeks ago #194203

hello again i forgot to ask i want to take out my 25% of my pension which nearly comes to just over £11,000 tax free how do i go about or will it affect my benefits i am on DLA and ESA will i have to inform them of this and if so how much would they stop me or will my benefits be stopped
thank you peter

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pension 1 month 4 weeks ago #194206

  • Gordon
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Peter

We can't give detailed financial advice on the forum, so I recommend that you get face to face advice. Do an internet search for "welfare advice" with your postcode, town or county.

Your DLA (and PIP) are not affected by your income or savings.

If your ESA is Contribution Based then it will not be affected by any pension lump sum, but may be affected if you take any regular pension payments.

If your ESA is Income Related in part or in whole then it will be affected £ for £ by any regular income, the lump sum will take you over the £6000 savings limit, so there will be a £1/week deduction from your ESA for every £250 you have in savings and assets above the £6000. If your total savings and assets exceed £16,000 then your ESA(IR) payments will stop until you are back under this amount.

Gordon
The following user(s) said Thank You: peter

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